The market data of $PIPPIN has recently shown an intriguing standoff.

From the rate data, the overall market trend has quietly shifted. The funding rate has dropped from -2% to -0.02%, which is not a minor adjustment — the retail investors' short positions have basically all exited, either taking profits smoothly or already being out during the pullback. At this moment, those still holding their positions are mostly the strong long-term holders.

The situation for smart money is equally awkward. Data shows that the bulls still hold a position of about 19 million U, with an average cost price stuck at 0.3327. The current price is around 0.3328, in other words, the big players here are also trapped. To turn things around, the price needs to break upward.

Interestingly, for short sellers, the decline in rates has become a signal. The cost of holding positions is decreasing, and at this point, adding to short positions at high levels is betting that the bulls have already lost retail investors as "fuel" and cannot drive up the price. The big players do not have new buyers to support them, and relying solely on their own capital may be inadequate.

What will happen next? The key depends on whether the 0.33 cost line can be defended. If this price is broken, the 19 million long positions will face a chain reaction. Once the long positions start to trigger stop losses, it cannot be ruled out that this will lead to an accelerated decline. Unless the bulls can attract new funds to take over, or create a deflationary effect through certain mechanisms (such as burning, locking up, etc.) to forcibly drive up the price.

The market trend in the coming days will determine the fate of both sides—either the bears will be forced out, or the bulls' margin will be destroyed.